The acquisition of the stake in the permit which is located adjacent to 57083, 57085 and 57087, were awarded to Chevron and Statoil in 2014, will help Statoil to further strengthen its operations in New Zealand.

Covering an area of 9,800km2 in the East Coast Basin, the permit is located in water depths of 1,000-2,000m.

The Norwegian firm said it will work with OMV on the exploration program involving geological and geophysical studies, as well as seismic acquisition over the coming years at the permit 57073.

Based on the results from the work, the firms will decide on potential exploration in the permit in 2021.

OMV, however, will operate the permit with 70% working interest. The deal is subject to regulatory approval.

Statoil Exploration senior vice-president Nicholas Alan Maden said: "This is an underexplored area with the potential for multiple plays, offering a considerable exploration upside."

"We now hold a working interest in more than 46,000km2 of exploration acreage in New Zealand, and all of these permits have staged exploration programs.

"This is in line with our exploration strategy of accessing at scale."

Statoil currently operates petroleum exploration permits 55781 and 57057 in the Reinga Basin offshore Northland’s west coast in New Zealand, with 100% stake.

The permits cover 11,670km2 and in water depths ranging from 1,000 to 2,000m.